Since the stock market crash of 1929 known as the Great Depression, the United States has passed laws and regulations to secure the integrity of financial reporting and to protect public investment from the fraudulent businesses.
{"Image DocumentName": "Introduction/Thesis", "Image ImageDescription": "Since the stock market crash of 1929 known as the Great Depression, the United States has passed laws and regulations to secure the integrity of financial reporting and to protect public investment from the fraudulent businesses. Currently the principles that govern accounting procedures in the U.S. are the Generally Accepted Accounting Principles or GAAP. However, the Securities and Exchange Commission or SEC, which is the governmental entity responsible for establishing the accounting principles, is already making plans to convert the US GAAP to the international standards known as the International Financial Reporting Standards or IFRS. In effect, the SEC hopes this conversion will lead to a better prevention in fraud and promote global interest. However, I argue that conversion to IFRS will increase the risk of fraudulent financial statements because of its principles-based system, revenue recognition flaws, and the perspective of auditors.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}